Journal Entry for December 31st only please.Don't give answer in image format Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the companybuys and sells securities. The following selected transactions relate to Amalgamated's investment activities during the last quarter of 2021 and the firstmonth of 2022. The only securities held by Amalgamated at October 1, 2021 were $30 million of 10% bonds of Kansas Abstractors, Inc., purchased onMay 1, 2021 at face value and held in Amalgamated's trading securities portfolio. The company's fiscal year ends on December 31.2021Oct. 1831Nov. 11Dec. 12021232931Purchased 2 million shares of Millwork Ventures Company common stock for $58 million. Millwork has a total of 30 millionshares issued.Received semiannual interest of $1.5 million from the Kansas Abstractors bonds.Purchased 10% bonds of Holistic Entertainment Enterprises at their $18 million face value, to be held until they mature in2031. Semiannual interest is payable April 30 and October 31.Sold the Kansas Abstractors bonds for $28 million because rising interest rates are expected to cause their fair value tocontinue to fall. No unrealized gains and losses had been recorded on these bonds previously.Purchased 12% bonds of Household Plastics Corporation at their $60 million face value, to be held until they mature in2031. Semiannual interest is payable May 31 and November 30.Purchased U. S. Treasury bonds for $5.6 million as trading securities, hoping to earn profits on short-term differences inprices.Purchased 4 million shares of NXS Corporation's 50 million shares of common stock for $44 million, planning to hold theseshares until market conditions encourage their sale.Sold the Treasury bonds for $5.7 million.Received cash dividends of $3 million from the Millwork Ventures Company shares of common stock.Recorded any necessary adjusting entries relating to the investments. The market price of the Millwork Ventures Companycommon stock was $27.50 per share and $11.50 per share for the NXS Corporation common stock. The fair values of thebond investments were $58.7 million for Household Plastics Corporation and $16.7 million for Holistic EntertainmentEnterprises.

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Answered: Journal Entry for December 31st

Business

Accounting

Journal Entry for December 31st

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Chart of Accounts Common Stock Cash Accounts Receivable Retained Earnings Supplies Dividends Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of July - September 18 Paid Staples, $600 24 Received cash from clients on account,…
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Ceradyne Limited accepts a three-month, 7%, $43,600 note receivable in settlement of an account receivable on April 1, 2018. Interest is due at maturity. Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming the note is honoured and that no interest has previously been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) te Account Titles and Explanation < Debit C Prepare the journal entries required by Ceradyne Limited to record the issue of the note on April 1, and the settlement of the note on July 1, assuming that the note is dishonoured, but eventual collection is expected. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account…
can you provide me the listing and examples of the closing entries